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Pay Attention To 10-Year TreasuriesSimon Moore • Wed, Mar 7, 2012
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Pay Attention To 10-Year TreasuriesSimon Moore • Wed, Mar 7, 2012
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at MarketWatch.com (Apr 30, 2012)
DTYS vs. ETF Alternatives
DTYS Description
"The iPath® US Treasury 10-year Bear Exchange Traded Note is linked inversely to the performance of the Barclays Capital 10Y US Treasury Futures Targeted Exposure Index™. The index seeks to produce returns that track movements in response to an increase or decrease, as applicable, in the yields available to investors purchasing 10-year U.S. Treasury notes. The level of the index is designed to increase in response to a decrease in 10-year Treasury note yields and to decrease in response to an increase in 10-year Treasury note yields. To accomplish this objective, the performance of the index tracks the returns of a notional investment in a weighted ""long"" position in relation to 10-year Treasury futures contracts, as traded on the Chicago Board of Trade.
The iPath® US Treasury 10-year Bear ETN employs an index multiplier that provides the investor at maturity or upon redemption a participation rate of $0.10 gain or loss per each 1.00 point decrease or increase, respectively, in the level of the index. For purposes of calculating the closing indicative note value on a given day, the index multiplier is multiplied by the daily index performance, which is added to the daily interest that accrued from a notional investment of the value of the ETN at the 28-day U.S. Treasury Bill rate, from which all applicable costs and fees are deducted. "
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Country: United States
Key Info
- In Your Portfolio: Broad U.S. Bond ETFs, A Guide to U.S. Government Bond ETFs
- Asset Class Performance: Bonds
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- | On the move
- Monday, April 15, 6:28 PM China increased its holdings of U.S. Treasuries by $8.7B in February according to the Treasury Department. Meanwhile. Japan unloaded $6.8B of U.S. government debt, bringing its stash to $1.097T, a one year low. Analysts attributed some of the selling by the Japanese to positioning ahead of the BOJ's monumental easing campaign. China's holdings sat at a 15-month high going into March. 3 Comments
- Monday, April 15, 7:45 AM The dive in commodities and selling in equities is generating a bid for Treasurys, the 10-year yield falling 3 bps to a YTD low of 1.69%. The long bond yield falls 2 bps to 2.89%. After a big selloff to start 2013, TLT - up 0.35% premarket - is in the green for the year. Treasury bears - for now - are foiled again: TBT -1% premarket, -4.1% YTD. 1 Comment [U.S. Economy]
- Friday, April 12, 8:45 AM The 10-year Treasury yield falls 5 basis points on the session to 1.74% following the weak retail sales print. TLT +1.1% premarket, with the last month's big rally in bond prices bringing it back to flat YTD. S&P 500 (SPY) futures dip to a session-low, -0.5%. The QQQs off 0.5% premarket. 1 Comment [U.S. Economy]
- Monday, April 8, 3:18 PM Calling QE a "large and dull hammer" distorting markets, BlackRock fixed income chief Rick Rieder - formerly bullish on long-dated Treasurys - is shortening the duration in his portfolio and calling on the Fed to wind it down. The economy is on "reasonably strong footing," says Rieder and unemployment faces "structural headwinds" only overcome with time - a view not at all shared by Bernanke. 5 Comments [U.S. Economy, Financials]
- Friday, April 5, 9:16 AM The 10-year Treasury yield sinks to 1.68% - the lowest level since December - in wake of the jobs report. The so-called Great Rotation out of fixed income and into equities has reversed dramatically over the past 5 weeks. TLT +2.4%, SPY -1.2% premarket. Today's WSJ has a piece about bond-oriented hedge funds reshaping themselves into equity players. Can't make this stuff up. 8 Comments
- Thursday, April 4, 1:28 PM The 10-year Treasury yield dips 5 bps to 1.76%, bringing its level back to where it started the year after rising as high as 2.07% less than a month ago. Stocks hang at record highs, dovish Fed officials are hinting about QE's end, and the Treasury market parties. Something doesn't fit. TLT +1%, TBT -2.1%. 1 Comment [U.S. Economy]
- Wednesday, April 3, 10:23 AM Bonds bounce. The near-continuous calls for a bear market in Treasurys are dashed again for the time being, with the 10-year yield - after a quick surge higher to start 2013 - back to 1.84%, not far from where it started the year. Today's buying comes as ADP and ISM reports disappoint, and the banking sector (XLF -0.9%) gets a bit wobbly. TLT +0.6% today, -2.1% YTD. 7 Comments [U.S. Economy]
- Tuesday, March 26, 10:57 PM Another sentiment-related warning sign for stocks (previous) is heavy bearish opinion on Treasurys. CFTC data show small speculators net short at levels typically preceding an imminent bull move in bond prices, writes The Fat Pitch. Professionals? A BAML survey finds 53% of fund managers underweight bonds, the lowest weighting in Treasurys since May 2011 - a pretty fair time to get long. 6 Comments [U.S. Economy]
- Friday, March 22, 11:00 AM Wilbur Ross has a message for bond investors: "If the 10-year Treasury reverts back just to its average yield from 2000-2010 [you will lose] 23%." Speaking on CNBC, he says investing in long-dated Treasurys will be a "huge risk" over the next two years. By contrast, Ross says stocks do not seem grossly expensive. 8 Comments
- Wednesday, March 6, 7:31 AM Buying Treasurys is like "walking in front of a steamroller to pick up $1," Lee Cooperman tells CNBC, putting himself (along with Omaha's Oracle) on the other side of the trade from Jeff Gundlach who said last night he sees good value in the long bond yielding 3.13%. For about the 4th year running, U.S. Treasurys take the title of world's most hated asset class. Other than Gundlach, it's hard to find someone to say a nice word. 8 Comments [U.S. Economy]
- Monday, February 25, 3:07 PM The great Treasury bond bear market of 2013 takes a break as the EU crisis makes the front pages again and sequestration maybe beginning Friday in the U.S. threatens a tad more fiscal tightening. The 10-year yield falls 7 bps to 1.89%. TLT +1.2%, now down just 2.7% YTD. 9 Comments [U.S. Economy]
- Thursday, February 21, 1:12 PM The long bond continues to climb, now up more than a full point since the FOMC minutes yesterday. When the Fed got hawkish in 1993 after a long period of ease, bond prices collapsed. Now they gain? It seems as good of a tell as any that the economy is not ready to handle tighter policy (see Hoisington). TLT +0.7%. 3 Comments [U.S. Economy]
- Tuesday, February 12, 8:20 AM Are markets unprepared for a big rally in Treasury prices, asks Paul Day. JPMorgan's Treasury Client Survey shows the highest level of shorts since June 2011 - right around the time Treasury prices began a sharp advance. TLT -3.4%, TBT +6.2% YTD. 4 Comments [U.S. Economy]
- Friday, February 8, 10:59 AM "It's been an expensive wait" for bond bears, write the stalwart bond bulls at Hoisington Management. Rates may rise periodically, they say, but an "insufficiency of demand" caused by over-indebtedness assures they won't stay up for long. Higher taxes just agreed to in D.C. (not to mention CA) make the bull case on Treasurys even stronger. 13 Comments [U.S. Economy]
- Thursday, February 7, 7:36 AM Short Treasurys on and off for the past several years, Jim Rogers is giving it another go. He's joined - for completely different reasons - by stock bull Jim Paulsen, who says the 30-plus year era of bonds offering competitive returns relative to stocks has probably ended. TLT -3.5% YTD. A favorite of the bond bears, TBT +6.4% YTD. 1 Comment [U.S. Economy]
- Friday, February 1, 8:47 AM S&P 500 futures add to gains, +0.6% following the payroll report. The price on the long bond spikes half a point higher as bond traders know the Fed has its eye on the unemployment rate - the rise to 7.9% should halt any talk of a premature end to asset purchases. 3 Comments
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